Shipley MP Philip Davies is hoping a top parliamentary group will hold an inquiry into the demise of Bradford & Bingley.

He has asked Andrew Tyrie, chairman of the Treasury Select Committee, to hold an inquiry into the B&B affair which resulted in the mortgage business being taken into state hands and the savings business and high street branches being sold to Spanish bank Santander in September 2008.

Mr Davies described as “scandalous and unfair” the decision of the B&B independent valuer Peter Clokey not to award former shareholders any compensation.

Earlier this month, Mr Clokey of accountants PricewaterhouseCoopers, made his decision after deciding that B&B, which had seen £173m flood out of the firm in the two days before nationalisation, would have fallen into administration.

Now the Shipley MP wants the issues surrounding B&B’s decline aired by one of the most powerful select committees in Westminster.

He said: “I have asked Andrew Tyrie if the Treasury Select Committee will hold an inquiry into Bradford & Bingley. He has agreed to consider my request.

“I think it an absolute scandal and unfair that thousands of shareholders have been left with nothing. I believe the valuer’s decision was due to his terms of reference laid down by the previous Government.”